Investors buy Springdale retail site for $8.82 million (REAL DEALS)

by Paul Gatling (pgatling@nwabj.com) 141 views 

A three-building shopping center in Springdale totaling 61,321-square feet has a new owner after a sale worth $8.82 million, a purchase price of $143.83 per square foot.

A group of investors headed by Raymond Merrill bought The Shoppes at Har-Ber Lakes development at 7058 W. Sunset Ave., at the intersection of Jones Road.

Merrill is a 40% owner in the group. Other owners are Fourth Scoufos, Elisabath and Chris Schach, John Flake, Hank Kelley and Matthew Dearnley.

Merrill was represented by Matt Hairston of Flake & Kelly Commercial Northwest of Springdale.

NWA Holdings LLC, which lists Blake Hanby as manager, was the seller. Fayetteville firm Sage Partners represented NWA Holdings.

The investors are backed with a 20-year, $7.1 million mortgage from BancorpSouth Bank of Tupelo, Miss.

City Title & Closing LLC of Fayetteville was the title agent.

The development was built in 2006, is 100 percent occupied and has a recent appraisal of $8.9 million. It includes 16 tenants, the largest being Harp’s Food Stores (30,506 square feet), Onyx Coffee Lab (23,610 square feet) and Tropical Smoothie Cafe (6,326 square feet).

 

Memory Care Development

Rogers Care Group LLC, an entity controlled by privately owned JEA Senior Living of Vancouver, Wash., has picked up a five-year construction mortgage from Fayetteville-chartered Arvest Bank for $8.3 million.

The mortgage is tied to a 3.11-acre lot on South Hampton Place, east of South Bellview Road in Rogers. The site is across the street from Jamestown Nursing and Rehab.

JEA bought the lot in May from Jamestown Development LLC of Gore, Okla., for $742,698, a purchase price of $5.48 per square foot.

Development plans include construction of a 66-bed, 34,556-square foot dedicated memory care center called Magnolia Place Alzheimer’s Special Care Center.

The value of the project is approximately $9.2 million.

Site preparation is already underway. Oelke Construction of Springdale is doing the dirt work.

Erwin Construction Co., JEA’s in-house firm, is the general contractor.

 

Nursing Home Acquisition

A 110-bed nursing home in Rogers changed ownership for $5.89 million.

New Jersey-based 1513 S. Dixieland Road Holdings LLC acquired the 32,962-square foot building at the same address. The purchase price equals $178.89 per square foot.

Highlands of Northwest Arkansas Therapy and Living is the tenant.

Georgia-based Park Heritage Property Holdings LLC, led by Christopher F. Brogdon, was the seller.

The Private Bank and Trust Co. of Chicago provided financing.

Benton County appraisers valued the 3.14-acre property at $2.48 million earlier this year.

Park Heritage bought the property for $5 million in September 2011.

 

Poultry Properties

A pair of broiler poultry farm operations north of Gravette recently sold for a combined $4.38 million.

Lynch Butler of Siloam Springs, through his Clearwater Farms of Westville LLC, bought a 40.53-acre property on Wet Prairie Road for $2.23 million. David and Nancy Khuong were the sellers.

Butler also acquired a 48.81-acre property on Timlake Road for $2.15 million. Chien and Amanda Nguyen were the sellers.

Both deals were closed through The Mary Story Group, a poultry farm sales specialist in Mena.

Waco Title Co. of Springdale was the title agent.

Each farm is under a seven-year contract as a grower for Tyson Foods Inc. Each broiler house is 43-by-500 feet.

 

Medical Office Building

A 9,503-square foot medical office building in Johnson recently sold for $2.25 million, a purchase price of $236.76 per square foot.

DSR Properties LLC, led by Darryl Riddell, acquired the fully-leased building at 5201 Willow Creek Drive.

David Furr Arkansas Properties LLC was the seller.

The Citizens Bank in Fayetteville provided financing with a five-year mortgage of $1.8 million.

Waco Title Co. of Springdale was the title agent.

Furr acquired the building in April 2014 for $2.1 million.

Mel Collier, sole owner of Collier Diversification Specialties LLC, was the seller.

The single-story building was built on 1 acre in 2005.

Collier bought the land in April 2002 for $240,000.

 

Burckart Buy

Ten townhomes in the Vintage Estates neighborhood of Bentonville recently sold for $1.84 million, a purchase price of $184,000 per unit.

Bentonville home builder Burckart Construction Inc., led by president Bill Burckart, acquired the units on Southwest Antler Place, Southwest Naphtali Boulevard and Southwest Hind Lane. The townhomes are occupied and range in size from 1,800 to 1,900 square feet.

Vintage Estates is a maintenance-free subdivision west of Southwest I Street, near Lake Bentonville.

Pinnacle Bank of Rogers was the seller, and also provided financing with a five-year, $1.84 million mortgage.

First National Title Co. in Bentonville was the title agent.

Burckart said he is planning a similar neighborhood west of Vintage Estates, a 39-unit development to be called Elington Village. The 8.6-acre site is under contract for $360,000, has received the necessary rezoning and lot splits completed.

Dirt work should begin in December, with the first models under construction in the spring.

 

Commercial Sale

A vacant commercial building in Bella Vista has a new owner after an $800,000 sale.

Paz Fux Assets Ltd., registered to Bella Vista attorney Tom Morris, bought the 5,320-square foot building at 1790 Forest Hills Blvd. The purchase price equals $150.37 per square foot.

Simmons Bank of Pine Bluff, successor by merger to Delta Trust & Bank, was the seller.

Art Brunje with Crye-Leike Real Estate Services in Bella Vista represented the buyer.

Benton County appraisers valued the 1-acre property at $1.15 million earlier this year.

 

Been Road Land

A 9.7-acre residential property on Been Road in Bentonville recently sold for $510,000.

Crestwood Homes LLC of Bentonville, whose members include Ron Pender, Kim Minor and Barry Cooksey, are the new owners of the property, which includes a vacant 3,630-square foot home.

The Robert H. Been Trust was the seller.

First Western Bank in Rogers provided financing with a mortgage of $433,500.

Waco Title Co. of Springdale was the title agent.

Minor said the residence will be surveyed to sell separately. The remaining acreage will be subdivided into approximately 33 single-family lots.  

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